Life Insurance Corporation of India will further strengthen its financial position and is all set to rebound with a 20 per cent growth in premium income to over Rs 11,600 crore this fiscal, LIC chairman S B Mathur said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Both the Lok Sabha and Rajya Sabha were adjourned till 2 pm after opposition members held protest in Parliament seeking a discussion on the issue.
The 2023 Budget set off a downtrend in the listed life insurance company stocks. The key reason was a proposal to tax income from insurance policies (other than unit-linked insurance plans or ULIPs) with a premium, or aggregate premium, of above Rs 500,000 per annum. This impacted the traditional savings profile since it affected the returns for these products.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
Life Insurance Corporation of India's holding increased in nine Sensex companies during the January-March 2013 quarter, showed an analysis of the shareholding pattern of Sensex constituents.
The government on Wednesday extended the deadline to submit preliminary bids for the IDBI Bank privatisation till January 7. The government and LIC together are looking to sell 60.72 per cent of IDBI Bank and had invited bids from potential buyers in October. The last date for submitting an Expression of Interest (EoI) or preliminary bids was December 16.
State Bank of India, UTI AMC and Life Insurance Corporation will start investing the corpus of the new pension system (NPS), estimated around Rs 2,000 crore (Rs 20 billion) now, in market instruments including 15 per cent in equities from end-June 2008.
'We are working with a few housing finance companies to drive affordable lending because that's where we believe our sweet spot is.'
Public sector entities Life Insurance Corporation, UTI AMC, State Bank of India and Punjab National Bank are among the front-runners to become pension fund managers under the new pension system.
The Larsen and Toubro employee stock option controversy is becoming a major face-off between the financial institutions and the construction major.
Life Insurance Corporation of India has tied up with UTI Bank to provide their common customers the facility to pay premium by using the private sector bank's ATMs in the country.
Life Insurance Corporation of India has sold a group insurance policy with a sum assured of Rs 1,300 crore to Bangalore-based software major Infosys in the biggest scheme ever for group insurance in terms of the sum assured, a senior official said.
Besides these entities, IDBI Capital was shortlisted by the interim pension regulator PFRDA for acting as a fund manager and asked to submit bids.
The Life Insurance Corporation of India is believed to be talking with GE Capital Services, the largest issuer of private label credit cards in the world, for a foray into credit cards.
Industrial Development Bank of India and Life Insurance Corporation of India have forged an alliance to fund about Rs 35,000 crore (Rs 350 billion) worth of long gestation projects, including infrastructure.
Billionaire Mukesh Ambani's Reliance Industries has maintained its highest ranking among Indian corporates in the latest Fortune Global 500 list, jumping 16 places to rank at number 88. Reliance was ranked at number 104 in the 2022 ranking and in the 2023 ranking it is placed at number 88, according to the publication. The company has gained a whopping 67 places in the last two years from number 155 in 2021.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
The overall physical presence of life insurance companies in Tier-II and Tier-III cities increased in FY23 compared to a year ago period on account of the higher impetus given to financial inclusion by the government and insurance regulator, as well as recovery from the Covid-19 pandemic, according to the latest data released by the Insurance Regulatory and Development Authority of India (Irdai). It is the first time that there has been growth in the number of offices since the financial year 2019-20.
The combined market valuation of six of the 10 most valued companies surged by Rs 1,56,247.35 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer. While RIL, Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, HDFC and Bajaj Finance saw gains in their market capitalisation (m-cap) in the holiday-shortened week, Infosys, HUL and LIC suffered losses. Stock markets were closed on Tuesday on account of Muharram.
A plea has been filed in the Supreme Court seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
One of the reasons why the TMC decided not to demand a JPC is that the chairperson and most of its members would be from the BJP, he said, adding JPC means putting the issue under the carpet.
LIC, the biggest institutional investor in the stock market, held 3.71 per cent stake in Infosys during the October-December quarter, which has fallen to 3.25 percent as of March 31, 2014.
The initial numbers for the last installment of advance tax payment on Thursday by top corporates based in the financial capital present a tepid growth in the levy mop-up, with banking and financial institutions leading the pack.
Uday Saharan's India won hearts and held out promise of a bright future for the Fab 15.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
Life insurers' new business premium (NBP) reported stellar performance in November after a poor showing in October, on the back of strong growth in group single premiums for both private insurers and Life Insurance Corporation (LIC) of India. In November, 24 life insurers, including LIC, reported NBP to the tune of Rs 27,177 crore, up 42 per cent year-on-year (YoY) from the year-ago period. Private insurers' NBP rose 58.63 per cent YoY to Rs 11,209.75 crore as group single premiums more than doubled during this period.
Four of the 10 most valued domestic firms together added a whopping Rs 231,320.37 crore in market valuation last week, with market heavyweight Reliance Industries contributing the most to the overall gains. Last week, the Sensex jumped 884.57 points or 1.61 per cent. While TCS, Infosys and ICICI Bank were the other gainers from the top-10 pack, HDFC Bank, HUL, LIC, SBI, HDFC and Bharti Airtel faced erosion from their market valuation.
The combined market valuation of three of the 10 most valued domestic firms eroded by Rs 73,630.56 crore last week, with Reliance Industries Limited taking the biggest hit. While HUL and ICICI Bank were the other laggards from the top-10 pack, TCS, HDFC Bank, Infosys, LIC, SBI, HDFC and Bharti Airtel were the gainers. However, the combined gain of the seven firms at Rs 49,441.05 crore was less than the total loss suffered by the three companies.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
